外文翻譯--發(fā)展風(fēng)險投資業(yè)-wenkub
2023-05-19 07:44:02 本頁面
【正文】 countries have developed their own venture capital industries, although they look markedly different from those in the United States. Even the definition of venture capital varies widely across countries. Financial Market Structure Probably the most frequently mentioned obstacle to developing a venture capital industry is the absence of a liquid initial public offering (IPO) market, which can provide venture capitalists with an exit mechanism to harvest their successful investments. The United Kingdom has a relatively welldeveloped IPO market that supports the largest venture capital industry in Europe. And since the introduction of the Neuer Markt, Germany has witnessed a dramatic increase in venture capital. How can countries promote the development of a stock market segment that serves young entrepreneurial panies? Germany’s experience suggests that regulations should not be relaxed uniformly. Instead, listing criteria should be adapted to the needs of entrepreneurial panies, and disclosure requirements should remain rigorous, to ensure investor confidence. There is, however, some question about the relative importance of stock markets. First, venture capitalists often seem to be able to substitute acquisitions (trade sales) for IPOs to obtain liquidity. Probably more important, the National Association of Securities Dealers Automated Quotation System (NASDAQ) has effectively provided an exit option for investors in other countries, such as Israel. This suggests that the development of a domestic stock market may not always be the highest priority. Clearly, a venture capital industry needs investors willing to invest in highrisk, highreturn assets. In the United States the largest demand for this class of assets es from large institutional investors. Outside the United States banks tend to be the industry’s largest funding sources. But as incumbent financial institutions, banks may not have the right incentives and capabilities to develop venture capital markets. Banks in the United States play a small and conservative role in venture capital, especially shying away from true earlystage venture deals. The stock market dominates the . economy, while banks play a more active role in other countries. In Germany, for example, banks actively promoted venture capital. These efforts were largely a disaster, however, generating financial losses and casting doubt on the credibility of others that were pursuing the concept. Human Resource Availability 2 Venture capital can only thrive with an adequate supply of entrepreneurs. Whether people in a particular country want to bee entrepreneurs depends on such factors as the country’s entrepreneurial tradition, the social recognition of the entrepreneur, the flexibility of the employment system and social safety , and the security of jobs in large corporations. The Japanese employment system, for example, is considered relatively inhospitable to entrepreneurship. A bright Japanese engineer would not only have to give up lifetime employment to start a business, but would also have considerable difficulty hiring employees for the new pany, would receive less social recognition for
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